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ICICI Bank Q4: Slippages rise and profits moderate, can it ride out COVID-19 storm?

May 11, 2020 / 05:15 PM IST
ICICI Bank Q4: Slippages rise and profits moderate, can it ride out COVID-19 storm?

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

ICICI Bank's (CMP: Rs 337  Mcap: Rs 218,670 crore) March quarter net profit came in at Rs 1,221 crore in the fourth quarter of FY20 as against Rs 969 crore in the year-ago period. Profits were adversely impacted by COVID-19 related provisions of Rs 2,725 crore. Slippages to non-performing assets increased as two corporate accounts (A Singapore-based oil Company and Middle East based healthcare company) were classified as GNPA. However, the private lender reported a strong overall performance with core...

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